Core Viewpoint - Fushouyuan (1448.HK) reported a significant decline in revenue and incurred its first loss since its listing in 2012, attributing the downturn to macroeconomic conditions and cautious consumer spending [1][2][3] Revenue Performance - The company achieved revenue of 610.9 million yuan, a year-on-year decrease of 44.5% [1] - The loss attributable to owners was 261.4 million yuan, a reduction of 560.2 million yuan compared to the same period last year [1] - The average selling price of operational graves fell to 63,400 yuan, nearly halving from the previous year's 120,600 yuan [4] Business Segments - Revenue from cemetery services and funeral services was 477 million yuan and 122 million yuan, respectively, down 47% and 34% year-on-year [3] - In Shanghai, a key operational area, revenue plummeted from 526 million yuan to 241 million yuan, a decline of over 50% [3] Cost and Profitability - The operating profit margin for cemetery services dropped from 54.4% to -44.9%, primarily due to decreased revenue and increased tax costs [3] - The company made a goodwill and asset impairment provision of 218 million yuan, further impacting overall profitability [3] Digital Transformation Efforts - Fushouyuan is focusing on digital transformation and enhancing service experiences through AI technologies, including personalized memorial services [8][9] - The company has developed a digital life service system since 2022, which includes features like AI memorial services [10] Workforce Management - The company reduced its workforce from 2,401 to 1,998 employees, resulting in a cost reduction of 75.3 million yuan, a decrease of 30% year-on-year [13] Industry Context - Other listed companies in the funeral service sector, such as Anxian Garden China (0922.HK) and China Wantong Garden (6966.HK), also reported revenue declines, indicating a broader trend in the industry [14]
“人生大事”业务遇冷！福寿园上市13年首亏，墓地均价腰斩